Morgan Stanley Joins Goldman, Posts Robust Trading Results. But Bank Stocks Don’t Care
Morgan Stanley rounded out a mixed week of big bank earnings Thursday with a set of what looked to be solid results.
Although Morgan's traders didn't quite manage to match Goldman's 49% YoY FICC performance, FICC revenue was up 35% YoY in the third quarter, to $1.92 billion. That is well ahead of the $1.7 billion the market expected. The bank's characteristically spartan press release cites an "active primary market," an amusing understatement.
In equities, revenues were up 14% from a year ago
How much is the lack of stock movement in the big banks related to their restrictions on dividend distributions and stock buybacks?